A Qatari consortium is reported to have offered £1.5bn to buy Manchester United from its current owners, the Glazer brothers, after holding secret talks.

But the club yesterday denied that there has been any approach and reiterated that Manchester United is not for sale.

It is understood, however, that an approach from Qatar Holding – an investment group controlled by the Qatari royal family – took place shortly after the Arab state had secured the right to stage the 2022 World Cup finals.

Discussions are said to have foundered because of the asking price. The Glazers value the club at close to £2bn, which is more than the Qatar group, which recently agreed a record £125m shirt deal with Barcelona, was initially prepared to pay.

The Glazers paid £800m for the club in 2005, the majority of which was provided by loans secured against the club's assets. The borrowings are now believed to stand at around £530m.

Football sources believe Qatar, keen to raise its profile still further in the game, will return with a higher offer.